The ECASD would like to thank the community once again for its support of the November facilities referendum. We are pleased to announce significant savings to taxpayers from the recent bond sale to fund the facilities referendum approved by taxpayers in November 2022.
At the time of the approved referendum, the proposed bond rate was 4.75% and the proposed number of years to pay off the debt was 20 years. By working closely with our financial advisors at Baird, the ECASD took advantage of a lower rate of 3.67% financing and was also able to cut a full year off the debt, dropping it to 19 years.
The estimated tax impact at the time of the approved referendum was $0.40 per $1000 or $40 property taxes per $100,000 in property value. However, we are delighted to share that the actual cost to taxpayers will drop to $0.35 or $35 in property taxes per $100,000 in property value.
This equates to a total savings of $8,461,436 for our community for the total cost of the referendum.
